Allen Iverson is broke

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Allen Iverson has been living larger than his game, and the high life is finally catching up to him.

A Georgia judge is having the former NBA star's bank account commandeered over an $860,000 debt to a jeweler that he can't pay.

Who runs up nearly a seven-figure tab at a jewelry store? The answer is The Answer.

When Good Bling Goes Bad

Iverson is hardly first celebrity athlete to burn through all of his dough. Boxer Mike Tyson and baseball legend Lenny Dykstra filed for bankruptcy. Scottie Pippen's poor business decisions and golfer John Daly's gambling ways emptied out their coffers. (For more tales in that vein, check out Broke Stars: 11 Celebrities Who Went Bankrupt.)

However, it may be hard to top the mountain of money that Iverson squandered -- and the extravagant ways in which it went up in flames.

The free-shooting Philadelphia 76er amassed more than $154 million from his NBA salary alone. Throw in his Reebok shoe deal, smaller endorsements, business deals, and other opportunities to cash in on his fame, and you have an impressive nine-figure empire -- but one that quickly disintegrated to less than zero.

Hard to imagine, perhaps, but it's easy to explain when you realize that Iverson broke the cardinal rule of budgeting: Never live beyond your means.


http://www.dailyfinance.com/2012/02...broke-what-his-sinking-fortunes-can-teach-us/
 

powdered milkman
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he was broke two days ago also when this was first posted













jajajaja
 

powdered milkman
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kdding tex i hadnt heard
 

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I wish I had $154 million to try and go through.
 

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The depression that follows a complete collapse like this must be devastating. I hope he has family looking out for him. He gave everything he had on the court and apparently took care of those around him financially. I hope he doesn't completely self destruct now that money is gone. I enjoyed his passion for the game.
 

Rx. Senior
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Rest assured that Broke to us and Broke to him are different.


I am sure that he could sell all of his assets and get at least 2 million from all of them. He is only broke with liquid cash. And I am sure that he probably has a few houndred thousand dollars lying around in banks.
 

Rx God
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I'm sure AI could still get a cake job for 6 figures easily just because of his celebrityness.
 

Homie Don't Play That
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"Practice? Practice? I dont need to practice" Will be his legacy.

You can take the man out of the ghetto, but you cant take the ghetto out of the man. He partied hard with that money, I hear; good for him.

In support, I'll buy his next rap album when it drops.

"Practice? Practice? I dont need to practice"

:shootbb:
 

Defender of the Faith
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Looks like it is back to robbing people at bowling alleys for AI.
 

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Iverson should have "Practiced" better money management instead of bitching bout "Practice."
 

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some sad shit

I never understand why people feel sorry for people when things like this happen.

It bothers me when people don't have respect for money.

So many people in this world struggle, and then there are people who burn money.
 

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I cant imagine blowing that much money, especially in such a short time
 

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I never understand why people feel sorry for people when things like this happen.

It bothers me when people don't have respect for money.

So many people in this world struggle, and then there are people who burn money.

I think its more of a pitty feeling, but you are right. There are so many people who struggle and its annoying to not see people appreciate what they have
 

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I hate to see him broke. Let's all pitch in twenty dollars each and send it to AI along with an RX t-shirt that reads "I bailed out Allen Iverson". Marty, can you splurge on a shirt?
 

I never ever got beat-I just run out of Money
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Is A.I. related to M.C. Hammer? Or use the same accountant?
 

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the first thing i would do if i ever signed a pro contract (like 10-12million like these clowns AI and Antoine walker were making a year) would take 3 million dollars from that 1st year and buy 400oz gold bricks and have them stored in a vault in the perth mint. BOUGHT and PAID so in case the shit hits the fan, you have something to fall back on

i almost find it impossible to blow thru that kind of money these people must be stupidest people on the planet

god buy MO stock and sit back and collect 6% on your money....i find it hard to comprehend how they can lose 9 figures...ive said it time and time again if someone dropped 500k tax free money on my plate i think i could give it a serious run at never having to work again...i know 250k i could get thru life comfortably working 20hrs a week part time
 

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i was talking with some people about this last night and he's a huge gambler. Gambling can take it all like especially blackjack. One was telling me how he was playing at the horseshoe and AI had a game in chi the next night well he was walking out at 6am and saw him in high limit blackjack stuck almost a mil he was told needlesss to say he was shit housed and missed the game due to an injury.

Add in the 50 people he's supporting and reckless lifestyle this is no surprise.
 

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